New Delhi:The budget levy of new agriculture infrastructure and development cess on petrol and diesel did not have an impact on retail prices of both the products on Tuesday as oil marketing companies (OMCs) took cognizance of the fact that additional duty has been offset by an equal cut in excise duty rates.
The OMCs also ignored the signals given by the international market where oil prices rose sharply by over 1 per cent nearing $57 a barrel. This would have normally pushed OMCs into raising petrol and diesel prices to reduce their under recovery.
With prices on hold on Tuesday, petrol continued to be available at new record high of Rs 86.30 a litre in Delhi while diesel is available at Rs 76.48 a litre. This is the sixth consecutive day when fuel prices have remained static.
The fuel prices remained unchanged across the country as well.
In Mumbai, petrol was priced at Rs 92.86 a litre while in Chennai it was at Rs 88.82 a litre and in Kolkata Rs 87.69 a litre.
Diesel on the other hand is at Rs 83.30 a litre in Mumbai, Rs 81.71 per litre in Chennai and Rs 80.08 a litre in Kolkata.
Though firm global crude and product price is the reason for the increase in retail price of petrol and diesel, with crude hovering just over $55 a barrel for some time, OMCs have gone in for both a pause in price of auto fuels as well increase in its retail prices on consecutive days.
Informed sources said that oil companies may be building buffer on retail price of petrol and diesel to prevent any sharp price hike by government decided to further raise excise duty on the two products to mobilise additional revenue.